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Fuel-cell manufacturer ClearEdge Power may file for protection under the bankruptcy law, South Windsor Town Manager Matthew B. Galligan told Hartford Business. The company called Galligan the afternoon of April 24, telling him that backers were looking to exit the fuel-cell business, either through a bankruptcy or sale.
Fuel-cells are not used in many real-world applications as of yet, but proponents of the technology feel that it holds tremendous potential, according to Fuel Cell Energy. A fuel-cell stores hydrogen ions, which can be efficiently tapped to release large amounts of energy relative to the cell’s size, with no local emissions. Critics maintain that, though there are no emissions at the point of use, all of that energy still must be generated in a power plant.
A number of union employees at the firm contacted Hartford Business, saying that they were sent home early on April 24. One employee said that workers weren’t sure whether they were being laid off temporarily or long-term, while another reported that employees were being told to clean out lockers.
A number of officials declined to return the news source’s calls that afternoon. On April 25, Hartford Business reached the recently-hired crisis spokesman, Steven Gerbsman, who said that ClearEdge had no comment.
In March, ClearEdge CEO David Wright told Greentech Media that the company would be gross-margin-positive by the third quarter of 2014, and cash-flow-break-even by the fourth quarter. At the time, Wright seemed extremely positive, claiming that fuel cells could be economically viable with no subsidies by 2016, and that the company had received financing from “five or six” banks in the form of a $400 million line of credit.
- Practices: Bankruptcy & Creditors' Rights, Corporate Transactions & Business
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